Search This Blog


Search Tool

Nov 19, 2012

GATA | THE GATA DISPATCH -November 19, 2012-: Turk says Fed's money spigot is back on; Embry sees gold production falling for years

Turk says Fed's money spigot is back on; Embry sees gold production falling for years

10:24p ET Monday, November 19, 2012

Interviewed today by King World News, GoldMoney founder and GATA consultant James Turk says the Federal Reserve has resumed substantial money creation, which explains today's rebound in the stock market as well as the monetary metals. Economic conditions in the United States remain horrible, Turk says, and money printing is the only response central planners will make. An excerpt from Turk's interview is posted at the King World News blog here:

Meanwhile Sprott Asset Management's John Embry tells King World News today that gold mining production is likely to fall for a long time because even a price around $1,700 is not enough to sustain such a difficult and risky industry. An excerpt from Embry's interview is posted at the King World News blog here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

GATA | THE GATA DISPATCH November 19, 2012-: Reserve Bank of India forbids bank loans for gold purchases

Reserve Bank of India forbids bank loans for gold purchases

From The Indian Express, New Delhi
Monday, November 19, 2012

The Reserve Bank today directed banks not to give loans for purchase of gold in any form, including primary gold, bullion, and jewellery, to dissuade people from indulging in speculative activity.
"It is advised that no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold exchange-traded funds, and units of gold mutual funds," the RBI said in a notification.

No advances should be granted by banks against gold bullion to dealers or traders in gold if, in their assessment, such advances are likely to be used for purposes of financing gold purchase at auctions or speculative holding of stocks and bullion, it said.

However, it said banks can provide finance for genuine working capital requirements of jewellers.
The decision was taken in view of the significant rise in imports of gold in recent years putting pressure on the country's current account deficit.
In the 2011-12 fiscal year, India's gold imports stood at $60 billion and the quantum of import was 1,067 tonnes.

In the April-June quarter of the current fiscal, however, gold imports had contracted by 18.4 percent year-on-year to Rs 71,912 crore ($13 billion).
The Monetary Policy Statement of April 2012 announced the constitution of a working group to study issues relating to gold imports and gold loans by Non-Banking Financial Companies (NBFCs) in India.
The working group submitted its draft report in August 2012, suggesting that other than working capital finance, banks are not permitted to finance purchase of gold in any form.

* * *

Join GATA here:
Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada

NFA | Enforcement Actions -November 19, 2012 : NFA takes emergency enforcement action against California firm KS Global Strategies, Inc. and its principal, Khaled Salama

The complete text of the MRA/ARA is available on NFA's website (

NYT | Business Day | Your Money -November 19, 2012-:

The New York Times

November 19, 2012

Business Day Your Money

Your Money Topics
Investments | Loans | Planning | Retirement | Credit | Insurance
Melissa Labant, an accountant and tax expert, warns against selling a home in fear of possible future tax changes.
Daniel Rosenbaum for The New York Times
Melissa Labant, an accountant and tax expert, warns against selling a home in fear of possible future tax changes.
Wealth Matters
More Costly Than Higher Taxes: Rash Decisions
Investors anxious about automatic tax increases on Dec. 31, should President Obama and Congress fail to agree on a plan to avoid them, should exercise prudence in trying to minimize exposure.
Fair Game

A Change in Carrots, Without a Stick

A Louisiana pension fund is suing the Simon Property Group board, contending that shareholders should have voted on the chief executive's stock award.


Fewer Homes Now Underwater

The proportion of homes with negative equity continues to fall, a report from Zillow finds.

Citi Offers Price Protection Service

Citi's price protection program offers refunds if the price of your purchase drops by at least $25.

Student Loan Hurdles for Members of Military

Military members often face hurdles in getting benefits available to help manage student debt.


Interactive Graphic: Is It Better to Buy or Rent?

The answer to the question depends on many factors. Compare the costs of buying and renting equivalent homes.

The 1% More Savings Calculator

What would happen to your savings balances if you saved just one percent more a year?

Special Section

Bulletproofing Your Finances

When so much seems uncertain, sometimes the best we can hope for is to insulate ourselves against predictable events that could cost us money.


A blog about consumer tactics, helping readers sort out the choices in their financial lives.
A resident found photos as she sifted the debris of a house destroyed by Hurricane Sandy in Union Beach, N.J.

The Meaning in a Drawer Full of Old Family Snapshots

An effort to retrieve family photos lost in Hurricane Sandy reflects the significance of prints in a digital age.


A Reprieve for Storm Victims

Fannie Mae and Freddie Mac authorize mortgage servicers to grant a 90-day forbearance period to borrowers in federally declared disaster areas.
An information kiosk at a Costco store in Redwood City, Calif., shows all of the financial services the retailer offers its customers.

On the New Shopping List: Milk, Bread, Eggs and a Mortgage

As big banks keep credit tight and more people have no bank at all, retailers like Costco, Home Depot and Walmart are offering financial products like prepaid cards, loans and even life insurance.
Interactive Feature: The Sketchpad: Personal Finance on a Napkin
Carl Richards, a financial planner, has been explaining the basics of money through simple graphs and diagrams.

NYT Politics - November 19, 2012-: Obama's Road to Myanmar Is Paved With New Asia Intentions

The New York Times

November 19, 2012


Obama's Road to Myanmar Is Paved With New Asia Intentions

President Obama is making his first overseas trip after the election to China's backyard as the United States tries to increase its influence in the region.
Senator Dianne Feinstein said the C.I.A.'s conclusions about terrorism had been dropped from official explanations.

Senate Committee to Investigate Benghazi 'Talking Points'

Senator Dianne Feinstein, the chairwoman of the Intelligence Committee, said that she would investigate why the original determination of terrorism in the Benghazi attack had been changed.

More Politics

Representative Paul D. Ryan, in Washington last week, resumes his post as the House Budget Committee chairman.

Back on Hill, Ryan Remains a Fiscal Force

Representative Paul D. Ryan has been tapped to help strike a deal to avoid big tax increases and spending cuts by the end of the year, and to bring along fellow Republicans.
M. Lee Hasenauer, who was just elected to the Laramie County Commission, was bewildered by President Obama's re-election.

In Wyoming, Conservatives Feeling Left Behind

A blanket of baffled worry has descended on those who fear that traditional, rural and mostly white states are losing touch with an increasingly diverse and urban electorate.

Florida Election Officials Miss Tally Deadline in House Race

St. Lucie County did not meet a noon cutoff for the recount, but eventually released results showing that Patrick Murphy had gained votes over Representative Allen B. West.

Election 2012 iPhone App

A one-stop destination for the latest political news, from The Times and other top sources around the Web. Plus opinion, polls, campaign data and video.
The 2012 Election, in a Relative Sense
Relative to the national popular vote, the partisan lean in many states moved only slightly, and just one state flipped from leaning toward one party to the other.


Video: Romney Pins Loss on Obama's 'Gifts'
On a conference call with fund-raisers and donors, Mitt Romney attributed his White House loss to "gifts" President Obama gave to special interest groups.
Full Election Results
Results from the 2012 presidential, Senate and House Races.

DealBook | P.M. Edition -November 19, 2012-: Hostess Brands and Bakers Union Agree to Mediation Session

Monday, November 19, 2012
Hostess Brands and Bakers Union Agree to Mediation Session
Hostess Brands and Bakers Union Agree to Mediation Session The agreement on Monday was a last-ditch effort to avoid winding down the bankrupt maker of Twinkies and Wonder Bread.

White Collar Watch: Mixed Results for S.E.C. in Financial Crisis Cases Peter J. Henning says that for the Securities and Exchange Commission, proving that an individual broke the law is much more difficult because juries seem to find it much easier to put the blame on the organization while exonerating those who work there.
Greece May Seek to Buy Back Debt at Market Rates Almost nine months after forcing private sector investors to stomach a 75 percent loss on their Greek bonds, the Greek government is weighing a plan to repurchase its debt at today's market price of 25 to 27 cents
Lessons in Credit, on a Micro Level The High Water Women Foundation, which was founded in 2005 by senior women in the hedge fund industry, holds financial literacy classes, focusing on lower-income communities.
China Insider: Welcome to the Xi Jinping Era Bill Bishop says that Xi Jinping has a different style than his predecessors, that is clear. What isn't clear yet is whether he will be much of a reformer. What DealBook readers need to know about China this week.
What Happens in Vegas: A Buyout Birthday Blowout David Bonderman held his 70th birthday party for about 500 of his closest friends at the Wynn resort in Las Vegas on Saturday night, a bash that featured a concert by Paul McCartney.
Sinopec Strikes $2.5 Billion Deal With Total Sinopec agreed on Monday to buy a stake in a Nigerian oil field from Total of France for $2.5 billion, the latest in a flurry of acquisitions by Chinese energy companies.
A Tough Choice for MBIA Bondholders Would you take $10 to allow MBIA to change the wording of some definitions in a bond indenture, with the effect of changing a default event?
With Italian Fund, Qatar Again Aids Europe With the formation of a new investment fund focused on Italian companies, Qatar is again coming to the aid of the European economy.
HSBC May Sell $9 Billion Stake in Chinese Insurer HSBC said on Monday that it was discussing the potential sale of its 15.6 percent stake in Ping An Insurance of China, which could be worth more than $9 billion.
Buzz Tracker
Emerging From Scandal, News Corporation Looks at Potential Acquisitions Rupert Murdoch's media company, which had been on its heels because of a phone hacking scandal at one of its British publications, is looking to make acquisitions again, Amy Chozick reported for The New York Times.
Economic Reports Data scheduled to be released on Tuesday will include existing home sales for October.
In the United States On Tuesday, Ben S. Bernanke, the Federal Reserve chairman, will speak to the Economic Club of New York.
Overseas On Tuesday, euro zone finance ministers will meet in Brussels to decide whether to release the next tranche of bailout money to Greece; the Bank of Japan will discuss monetary policy; and shareholders of Glencore International and Xstrata will vote on the companies' proposed merger.

MarketWatch | Wall Street at Close Report -November 19, 2012: Dow industrials close up 207 points in best day since Sept. 6

By Kate Gibson

NEW YORK (MarketWatch) -- U.S. stocks surged Monday as increased confidence that a U.S. budget deal would be reached helped lift Wall Street to its best session in more than two months. The Dow Jones Industrial Average DJIA +1.65% added 207.65 points, or 1.7%, to 12,795.96. The S&P 500 index SPX +1.99% climbed 27.01 points, or 2%, to 1,386.89. The Nasdaq Composite COMP +2.21% gained 62.94 points, or 2.2%, to 2,916.07.

Business in Vancouver | Biv Today's Business News -November 19, 2012-: New PavCo board members; Mining sector helps build UBC earth sciences centre; Rooftop farm's first customer

Politics and Policy

Three new members appointed to PavCo board

Rich Coleman, B.C.’s minister of energy, mines and natural gas, has appointed three new members to ... READ MORE

Education and Research


B.C. mining sector helps build new UBC earth sciences centre

B.C.’s mining sector has invested heavily in ... READ MORE



Vancouver rooftop farm announces first retail grocery customer

Alterrus Systems Inc. has announced the first retail grocery customer of its ... READ MORE

More News...


B.C. GDP growth should be on par with Canadian average

Nk’Mip named top winery in the province, second in Canada

Business council hosts seminar on addressing skills shortage